The Rodenticides Market size is projected to grow at a CAGR of 5.9% during the forecast period 2022-2027 and reach US$7.2 billion by 2027. The growth of the Rodenticides Market is primarily dependent on the growth of the commercial sector. Rodenticides are chemicals utilized for the purpose of eradicating rodents. Rodenticides are also known as rat poison. Some of them are lethal after one exposure while others are needed when there is more than one. Rodenticides such as anticoagulants in the form of bromadiolone, chlorophacinone, difethialone, brodifacoum and warfarin stop the functioning of the central nervous system cells from generating energy. The surging developments associated with the commercial sector across the world have led to considerable growth in the Rodenticides market.
Rodenticides Market: Commercial Segment is Leading
On the basis of the end-use industry, the Rodenticides Market can be segmented into residential, commercial, industrial, agriculture and others. The commercial sector was evaluated to be the leading segment in the rodenticides market in 2021. During the forecast period 2022-2027, the commercial segment is expected to grow with a CAGR of 6.2%. This can be attributed to various reasons such as the growing economic activities and zero tolerance for rodents in commercial buildings such as hospitals, offices and food service sectors are surging the demand for rodenticides. Strict regulation for hygiene maintenance and increasing investments in commercial construction are driving the rodenticides market growth. According to the Government of Canada, in 2021, the Government of Ontario announced an investment of up to US$41.8 million for the construction of the new Grey Bruce Health Services Markdale Hospital.
Rodenticides Market: North America Holds the Largest Share
On the basis of geography, the Rodenticides Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 39% share of the total revenue earned by the market globally. North American countries including the U.S. and Canada are comparatively ahead in terms of the growth of the commercial, residential and agriculture sectors. According to the US Department of Commerce, the privately-owned housing units authorized by building permits in March 2022 were around 1,873,000 which is 0.4% above February 2022 of 1,865,000 units and 6.7% above March 2021 of around 1,755,000 units. The rodenticides market would also witness significant growth in the APAC region. China, Japan and India are emerging as competitive countries in the Rodenticides market.
Rodenticides Market: Competitive Landscape
Key companies holding major shares in the Rodenticides Market are BASF SE, Bayer AG, Syngenta AG, UPL Limited, Neogen Corporation, Anticimex, Ecolab Inc., Rentokil Initial PLC, Senestech, Inc. and Rollins, Inc. The key strategies adopted by the companies include product launches and acquisitions among others.
In January 2022, Syngenta Crop Protection acquired two bioinsecticides - NemaTrident and UniSpore from UK-based Biomema Limited which is one of the foremost players in bioprotection technology development. This acquisition would help the company to strategize new developments under its pest management vertical. Moreover, in July 2021, Bayer launched a new pest control product Harmonix Rodent Paste, a high-performance cholecalciferol rodenticide that is mentioned to have a large use for a longer period of time. This new solution allows pest controllers to prevent rodents in outdoor and indoor locations.
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